Madison Wisconsin's Estate Planning Blog

Asking someone to serve as your fiduciary (trustee of your trust or personal representative or executor under your last will and testament) is not something that you should take lightly. Serving as a fiduciary is a heavy responsibility that requires significant time and effort. If you plan to nominate a family member or friend to serve in one or both of these roles, you will need to consider whether you should authorize them to be compensated from the trust or estate for the services they provide to the trust beneficiaries or heirs of the estate.

There was a time when most people heard about prenuptial agreements only when watching soap operas or Hollywood movies or reading a novel. For many of us, prenuptial agreements seemed to be reserved only for the ultrawealthy, where the continuation of dynastic family wealth was at stake.

In today’s digital age, many people have a library of digital assets that may include items such as books, music, and movies. One of the perceived benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with just a few mouse clicks. However, is it as simple as it seems? How do you own what you cannot touch? And if you cannot handle it, how do you pass it on? For those who own digital assets such as digital movies, these questions are at the heart of a new and interesting paradigm.

Clients often naturally choose their children to be beneficiaries of their revocable living trusts. Many clients also wish to name one or more of their children as the trustee of that trust, but are not sure if that is allowed by the law. The short answer is yes, a beneficiary can also be a trustee of the same trust—but it may not always be wise, and certain guidelines must be followed.

When we think of estate planning, we often think about preparing our accounts and property to go to our loved ones in a tax-efficient way, protected from probate, disgruntled heirs, beneficiaries’ creditors, divorcing spouses, bankruptcy, and the poor spending habits of children or other beneficiaries. We rarely consider preparing for receiving an inheritance of our own.

Estate planning attorneys frequently hear from their clients, “I’d like to leave something to my grandchildren. What’s the best way to do that?”

Naturally, grandparents love their grandchildren and want them to succeed in life. And when grandparents are in the twilight of their lives, their hearts often turn to the younger generation with a desire to give them whatever advantages they can, especially if they were unable to give their own children those same advantages when their children were younger.

Congratulations on your new job! Getting a job begins a major chapter in your life. As you navigate this new territory, we are here to help ensure a prosperous transition. To protect the future you are creating, you need proper financial and estate planning.

As you move through this new phase of your life, there are several things you ought to get or review to set yourself up for success.

In the world of estate planning, terms that refer to legal documents such as wills, trusts, powers of attorney, and healthcare directives can be confusing and even overwhelming at times. What is a will, and how does it differ from a trust? What distinguishes a springing power of attorney from an immediate power of attorney? Or are they the same thing? No wonder estate planning can get so confusing!

The concept of trusts is another area within estate planning that can create a great deal of confusion for people unfamiliar with the law. In this article, we hope to clarify some of the different types so that, when you encounter them, you can avoid confusion and better determine which tools are appropriate for your situation and whether they are being used in your own estate planning.